Perfect vertically aligned and periodically arranged arrays of multidielectric heterostructures are ideal platforms both for photonic crystals and photonic bandgap materials. Carbon nanotubes grown inside anodic alumina templates form a novel class of heterostructured materials ideally suited for building such platforms. By engineering metallic (cobalt) nanoclusters inside the nanotubes, we present a novel method for tailoring the photonic bandgap as well as the magnitude of the reflectivity in these systems. We present spectroscopic ellipsometry (SE) and reflectivity measurements to investigate the effect of the presence of cobalt clusters on the optical response of multiwall carbon nanotubes (MWNT) grown in anodized alumina template. The real (ε(1)) and imaginary (ε(2)) part of the pseudodielectric function of the MWNT and Co-MWNT system have been studied in a wide energy range (1.4-5 eV). We found that the cobalt filling modifies the electronic structure of the nanotubes, suggesting that the insertion of the clusters leads to a semiconductor behavior. Angle-resolved reflectivity measurements further show that the metal filling drastically enhances the optical response up to 2 orders of magnitude.